Answer:
the time period is 9 years
Step-by-step explanation:
The computation of the number of years is as follows:
As we know that
Future value = Present value × (1 + rate of interest)^number of years
$49,000 = $38,000 × (1 + 0.03)^number of years
$49,000 ÷ $38,000 = 1.03^number of years
tlog(1.03) = log($49 ÷ $38)
Now apply the log formula in calculator or in excel
t = log(49 ÷ 38) / log(1.03)
= 8.6
= 9 years
Hence, the time period is 9 years
